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Hercules Offshore, Inc. Investor Files Lawsuit Against Directors In Connection With Executive Pay

  • If you are a current long term investor in Hercules Offshore, Inc. (NASDAQ HERO) stock, you have certain options and you should contact the Shareholders Foundation.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Hercules Offshore, Inc.
Security
NASDAQ: HERO

Case Name
Hercules Offshore Shareholder Derivative Action 06/10/2011
Type of Lawsuit
Stockholder Derivative Action
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Summary

An investor in shares of Hercules Offshore, Inc. (NASDAQ: HERO) filed a lawsuit against directors over alleged breaches of fiduciary duty in connection with Hercules’ executive pay.
According to the complaint the plaintiff alleges the defendants breached their fiduciary duties for agreeing to overpay its executives.

Hercules Offshore’s CEO pay rose from about $1.317million in 2009 to $2.516million in 2010 and its CFO’s compensation increased from $333,000 in 09 to $963,000 in 2010. Overall every top officer at Hercules Offshore, Inc. received a substantial increase in total compensation in 2010 compared to 2009.

Hercules Offshore’s shareholders recently expressed their disdain for executive pay packages by voting “no” on Hercules Offshore's say on pay provision. Hercules Offshore, Inc. received 59% opposition against its pay practices at its May 10 annual meeting, according to a company filing.

In fact the Hercules Offshore’s CEO compensation rose over 90% despite decreasing annual Revenue and lower stock prices

Hercules Offshore’s 12months Revenue fell from $1,111.81million in 2008 to $657.48million in 2010. For 2008 Hercules Offshore, Inc. reported a Net Loss of $1,083.39million.

Even though shares of Hercules Offshore, Inc. (NASDAQ:HERO) increased from as low as $1.16 per share in March 09 to recently $6.44 in May 2011, NASDAQ: HERO stocks had fallen before from as high as $38.31 per share in June 08.